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Molecular Diagnostics Market size to exceed $36Bn by 2032

Published Date: April 27, 2023

Molecular Diagnostics Market size is projected to cross USD 36 billion by 2032, as per a new research report announced by Global Market Insights Inc.

A surge in demand for point-of-care (POC) molecular diagnostics is expected to offer lucrative scope for industry trends. POC testing allows healthcare professionals to diagnose patients from different locations helping save time, money, and lives of patients in critical conditions. The growing shift from conventional diagnostics to cloud-enabled molecular testing will provide significant business prospects for industry players.

High costs associated with disease diagnostics could restrain molecular diagnostics market progress. Setting up a diagnostic center requires a massive monetary influx for robust infrastructure development, software tools, staff, and equipment. The average cost of an immunoassay analyzer costs USD 15,000, presenting affordability concerns across autoimmune diagnostics. Additionally, blood collection laboratories, wheelchairs, restrooms, processing, waste disposal, and examination are some of the other major expenditures in a diagnostic center, which may limit demand for molecular diagnostics to some extent.

Breakthroughs in DNA microarray technology to drive industry growth

Molecular diagnostics market value from microarrays is set to grow at a 7% CAGR by 2032. Microarrays are gaining tremendous momentum due to the myriad of benefits including exceptional accuracy and faster delivery of test results. Advancements in microfabrication and miniaturization technologies will enable the development of advanced microarrays. DNA microarray technology is being widely used in gene expression analysis to create new identifying tools capable of detecting disorder genes, and therapeutic targets for human cancers. Hence, the growing cancer disease burden worldwide will promote the adoption of microarray technologies.

Browse key industry insights spread across 263 pages with 427 market data tables & 18 figures & charts from the report, “Molecular diagnostics Market Size By Product (Instruments, Reagents & Kits), By Technology (Polymerase Chain Reaction [PCR], Hybridization, Sequencing, Isothermal Nucleic Acid Amplification Technology [INAAT], Microarrays), By Application (Infectious Disease Diagnostics {COVID-19, HIV, CT/NG, Hepatitis B, Hepatitis C, RSV, Flu, Tuberculosis}, Oncology Testing, Genetic Disease Testing), By End-use (Diagnostics Laboratories, Hospitals & Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

Expansion of diagnostic centers to boost adoption of molecular diagnostics

Molecular diagnostics industry revenue from diagnostics laboratories was worth over USD 7.5 billion in 2022. Diagnostic centers are fully equipped with state-of-the-art technologies allowing them to perform complex procedures faster, and more efficiently. These facilities provide services at affordable rates whilst ensuring quicker test results. The rising number of diagnostic centers will thus complement molecular diagnostics industry progression over the forecast period.

Rise in FDA approvals to promote APAC molecular diagnostics industry

Asia Pacific molecular diagnostics market is likely to hit USD 8 billion by 2032 owing to the rising incidences of cancer in the region. Additionally, robust private and public investments for strengthening the healthcare infrastructure will provide substantial opportunities for molecular diagnostics industry penetration in the region. Furthermore, the advent of personalized medicine is expected to ramp up FDA approvals for introducing novel diagnostic solutions in the market, thus encouraging industry players to boost product outlook.

New product launches to boost molecular diagnostics industry expansion

Qiagen, Agilent Technologies Inc, bioMerieux SA., Quidel Corporation, Biocartis, Bio-Rad Laboratories, F. Hoffmann-La Roche AG, Danaher Corporation, Hologic Inc, Becton, Dickinson, and Company, Illumina, Inc, Sysmex Corporation, Siemens Healthineers, Abbott Laboratories, Thermo Fisher Scientific Inc. are some of the leading companies in the global molecular diagnostics industry.

Authors: Subodh Kharad, Rupali Swain